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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Proven Growth | LSE:PGO | London | Ordinary Share | GB00B5B7YS03 | ORD 1.6187P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 62.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMPGOO PROVEN GROWTH AND INCOME VCT PLC Half-yearly report For the six months ended 31 August 2015 Financial Summary 31 31 28 August August February 2015 2014 2015 Net asset value per share ("NAV") 81.8p 84.2p 85.7p Dividends paid since class launch (Originally as 'C' 33.6p 29.1p 31.1p Shares) Total return (NAV plus dividends paid since 'C' Share 115.4p 113.3p 116.8p class launch) Chairman's Statement Introduction I have pleasure in presenting the half year report for ProVen Growth and Income VCT plc (the "Company") for the six months ended 31 August 2015. Net asset value At 31 August 2015, the net asset value ("NAV") per share was 81.8p, a decrease of 1.4p per share since the year end (after adjusting for the total dividends of 2.5p per share paid during the period). This compares favourably to the broader quoted UK stock markets over the same period. Portfolio activity and valuation During the six months to 31 August 2015, a total of GBP9.4 million was invested. This included GBP5.3 million into three new investments, D3O Holdings, Sealskinz and Network Locum, and GBP4.1 million into existing portfolio companies to support their continued growth and development. Realisations, primarily loan note repayments, generated proceeds of GBP1.4 million. These realisations included all scheduled debt finance repayments and some of the Company's loan notes in Maplin as a result of a capital restructuring. The venture capital investment portfolio showed a net loss of GBP474,000 over the six month period. While this reflects a combination of both positive and negative movements, the portfolio was particularly impacted by the fall in value of one investment, Utility Exchange Online. Further detail on investment activity is provided in the Investment Manager's Report. Results and dividends The total loss on ordinary activities after taxation for the six month period to 31 August 2015 was GBP827,000, comprising a revenue profit of GBP250,000 and a capital loss of GBP1,077,000. During the six month period, a final dividend of 2.5p per share in respect of the year ended 28 February 2015 was paid on 31 July 2015 following shareholder approval at the Company's AGM. The Board has today declared an interim dividend of 2.0p per share which will be paid on 20 November 2015 to Shareholders on the register at 23 October 2015. Shareholders are reminded that the Company operates a Dividend Reinvestment Scheme ("DRIS") for Shareholders that wish to have their dividends reinvested in new shares and obtain further income tax relief on those shares. If you are not currently registered for the DRIS and wish to have your dividends paid in the form of new shares, DRIS forms are available from the www.provenvcts.co.uk website or by contacting Beringea on 020 7845 7820. Shareholders will need to be registered for the DRIS prior to 23 October 2015 to be eligible to receive the forthcoming dividend as new shares. Fund raising and share issues The Company's offer for subscription which launched on 24 October 2014 was fully subscribed and raised gross proceeds GBP24.8 million of which GBP15.4 million was allotted during the half year. In addition, the Company allotted 284,545 shares at 83.3p per share under the Company's DRIS in respect of the dividend paid on 31 July 2015. Share buybacks The Company continues to operate a policy of purchasing its own shares as they become available in the market and at a discount of approximately 5% to the latest published NAV. During the period, the Company completed purchases of 590,860 shares, through its buyback facility, at an average price of 80.6p per share and for aggregate consideration (net of costs) of GBP476,000. This represents 0.8% of the shares in issue at the start of the period. The shares were subsequently cancelled. VCT legislation The Finance Bill published on 15 July 2015, following the second 2015 UK Budget, includes a number of proposed changes to the VCT rules. These are mainly designed to bring the legislation in line with the EU State Aid Risk Finance Guidelines which were revised last year and are expected to come into effect from Royal Assent of the Finance Bill which is anticipated to be later this year. The main aspects of the new rules include: -- Prohibiting VCT funds being used for the purpose of acquiring businesses or shares, as a consequence management buy-outs will no longer be possible; -- Introducing a limit on when a company may receive VCT money in relation to its first commercial sale, subject to certain exemptions; and -- Introducing a lifetime limit on the total State Aid funding received by companies of GBP12 million (GBP20 million for 'knowledge intensive' companies), in addition to the current limit of GBP5 million which a company may receive in any 12 month period. Whilst these changes will place additional restrictions on the Company's investment activity, given the profile of the companies generally pursued by the Company, we do not anticipate a material impact on the ability of your Investment Manager to execute the Company's investment strategy successfully. Outlook The Company's portfolio has performed well against the wider market despite recent uncertainty in global stock markets. Whilst the Company's cash reserves and venture capital debt instruments have provided, and continue to provide, some inherent protection against stock market falls, it is the overall performance of the portfolio which has been particularly encouraging with a number of companies delivering strong growth. The legislative changes that are being finalised will focus the broader VCT market on the same target market in which the Company specialises. Legislative changes have been a common feature of the VCT landscape since the Company's inception. Each change provides its own new challenges and new opportunities which both the Board and the Investment Manager, with many years of experience, are well placed to successfully manage. Marc Vlessing Chairman 12 October 2015 Investment Manager's Report Introduction We have pleasure in presenting our half year report for ProVen Growth and Income VCT plc (the "Company") for the six month period to 31 August 2015. Investment activity and portfolio valuation At 31 August 2015, the Company's investment portfolio comprised 43 investments, of which 40 were unquoted, at a cost of GBP45.8 million and a valuation of GBP51.1 million. This represents an overall unrealised uplift on cost of GBP5.3 million or 11.6%. During the period, the Company invested a further GBP9.4 million, comprising GBP5.3 million into three new companies and GBP4.1 million into seven existing portfolio companies. The new investments in D3O Holdings, an impact protection solutions company (GBP2,960,000), and Sealskinz, a provider of waterproof and breathable outdoor accessories (GBP2,130,000), were completed shortly after the year end and discussed in the previous full year report. In August, the Company completed an investment of GBP160,000 into Network Locum, an online platform used by GPs to manage bookings and invoices for locums. The follow-on investments included MyOptique (GBP1,230,000), Chess Technologies (GBP926,000) and InContext Solutions (GBP675,000). The investment in MyOptique in August represented an opportunity to invest alongside other institutional investors to support MyOptique's acquisition of 4Care. MyOptique, through its range of brands including "Glasses Direct" and "Sunglasses Shop" is at the forefront of the online disruption of the eyewear market. There were further tranches of investment in Big Data Partnership ("BDP") in April and June, followed by a further GBP634,000 after the period end in September. Since the Company's initial investment in BDP in April 2014, BDP has more than doubled its revenue and headcount and moved to new premises. The funding provides working capital to enable the firm to continue its growth trajectory. The Company generated realisation proceeds of GBP1.4 million, mostly in respect of loan note repayments including all scheduled loan repayments from the Company's three debt finance investments, Speciality European Pharma, Peerius and Celoxica. Following a capital restructuring, Maplin repaid loan notes generating proceeds of GBP318,000 (inclusive of outstanding interest). There were also disposals of the Company's small holdings in Long Eaton Healthcare and Eagle-i Music. Overall, the venture capital investment portfolio showed a slight decline of GBP474,000, equivalent to 0.5p per share. There were uplifts in value for, amongst others, Abzena, Disposable Cubicle Curtains and Monica Vinader. Conversely, Utility Exchange Online decreased in value, reflecting increased pressure on margins as new, well-funded entrants look to secure market share. A summary of the top 20 venture capital investments, by value, is provided in the Summary of Investment Portfolio. Post period end portfolio activity In addition to the follow-on investment in BDP discussed above, the Company also made follow-on investments in Cogora (GBP833,000) and Disposable Cubicle Curtains (GBP58,000). Outlook We continue to see a number of exciting investment opportunities and are currently at an advanced stage with a number of these. Additionally, a number of companies in the existing portfolio are developing well and have the potential to deliver strong returns in the future.
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Recently the VCT industry's attention has been focussed on the proposed changes to the VCT rules. The new legislation is expected to come into effect in November and while these rules place further restrictions on what can be invested in, we are confident that we will continue to identify new companies that provide an attractive investment opportunity for the Company. Overall, we are pleased with the performance in the six months to 31 August 2015 and will look to maintain this positive momentum during the second half of the year. Beringea LLP 12 October 2015 Summary of Investment portfolio as at 31 August 2015 Valuation movement in % of Cost Valuation period portfolio GBP'000 GBP'000 GBP'000 by value Top twenty venture capital investments (by value) Cognolink Limited 2,051 4,186 6 5.7% MyOptique Limited 3,630 3,630 - 4.9% D30 Holdings Limited 2,960 2,960 - 4.0% Abzena plc (formerly Polytherics Limited) 1,278 2,733 395 3.7% Pulpitum Limited 2,900 2,668 (70) 3.6% Disposable Cubicle Curtains Limited 2,191 2,556 365 3.4% APM Healthcare Limited 1,731 2,385 37 3.2% Speciality European Pharma Limited 2,223 2,223 - 3.0% MEL Topco Limited (t/a Maplin) 2,218 2,218 - 3.0% Sealskinz Holdings Limited 2,130 2,216 86 3.0% Monica Vinader Limited 583 2,194 96 3.0% Inskin Media Limited 1,435 2,061 (120) 2.8% Blis Media Limited 520 1,771 (4) 2.4% Response Tap Limited 1,440 1,502 62 2.0% Big Data Partnership Limited 1,411 1,411 - 1.9% InContext Solutions, Inc. 1,327 1,300 (22) 1.7% Donatantonio Group Limited 1,096 1,257 - 1.7% Charterhouse Leisure Limited 1,250 1,252 (232) 1.7% Chess Technologies Limited 1,568 1,249 (94) 1.7% Utility Exchange Online Limited 2,090 1,212 (1,038) 1.6% Other venture capital investments 9,778 8,081 59 10.9% Total venture capital investments 45,810 51,065 (474) 68.9% Cash at bank and in hand 22,998 31.1% Total investments 74,063 100.0% Other venture capital investments at 31 August 2015 comprise: 7Digital Group plc, Amura Holdings Limited, Campden Wealth Limited, Celoxica Limited, Chargemaster plc, Cinergy International Limited, Cogora Group Limited, Cross Solar PV Limited, Dianomi Limited, Deltadot Limited, IS Solutions plc, MatsSoft Limited, Network Locum Limited, Omni Dental Sciences Limited, Peerius Limited, Perfect Channel Limited, Population Genetics Technologies Limited, Simplestream Limited, Senselogix Limited, Skills Matter Limited, Steribottle Global Limited, Vigilant Applications Limited and Watchfinder.co.uk Limited With the exception of 7Digital Group plc, Abzena plc and IS Solutions plc, all venture capital investments are unquoted. All of the above investments, with the exception of Abzena plc, Amura Holdings Limited, Deltadot Limited, Omni Dental Sciences Limited and Population Genetics Technologies Limited, were also held by ProVen VCT plc, of which Beringea LLP is the investment manager. Blis Media Limited, Cogora Group Limited, Cross Solar PV Limited and Donatantonio Group Limited were also held by ProVen Planned Exit VCT plc, of which Beringea LLP is the investment manager. All venture capital investments held at the period end are registered in England and Wales except for InContext Solutions, Inc., a Delaware registered corporation in the United States of America. Summary of investment movements for the six months ended 31 August 2015 Investment activity during the six months ended 31 August 2015 is summarised as follows: Additions Cost GBP'000 D3O Holdings Limited 2,960 Sealskinz Holdings Limited 2,130 MyOptique Group Limited 1,230 Chess Technologies Limited 926 Big Data Partnership Limited 691 InContext Solutions, Inc. 675 Disposable Cubicle Curtains Limited 461 Network Locum Limited 160 Skills Matter Limited 135 Senselogix Limited 18 Total 9,386 Gain/ Realised Market (loss) gain/ value at 1 Disposal against (loss) in Disposals Cost March 2015 proceeds cost period GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Eagle-i Music Limited 851 509 459 (392) (50) Chess Technologies Limited 300 300 300 - - MEL Topco Limited (t/a Maplin Electronics) 279 279 279 - - Speciality European Pharma Limited 138 138 138 - - Celoxica Limited 122 122 122 - - Peerius Limited 97 97 97 - - Long Eaton Healthcare Limited - 16 23 23 7 Total 1,787 1,461 1,418 (369) (43) Unaudited Condensed Income Statement for the six months ended 31 August 2015 (unaudited) (unaudited) Six months ended Six months ended (audited) 31 Aug 2015 31 Aug 2014 Year ended 28 Feb 2015 Revenue Capital Total Revenue Capital Total Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Income 622 - 622 628 - 628 920 (Loss)/ gain on investments - (474) (474) - 748 748 3,614 622 (474) 148 628 748 1,376 4,534 Investment management fee (200) (599) (799) (131) (392) (523) (1,088) Other expenses (172) (4) (176) (194) (11) (205) (395) Return / (loss) on ordinary activities before taxation 250 (1,077) (827) 303 345 648 3051 Tax on ordinary activities - - - - - - - Return / (loss) attributable to equity shareholders 250 (1,077) (827) 303 345 648 3051 Basic and diluted return per share 0.3p (1.3p) (1.0p) 0.5p 0.5p 1.0p 4.8p All revenue and capital items in the above statement derive from continuing operations. The total column within this statement represents the Unaudited Condensed Income Statement of the Company. The Company has no recognised gains or losses other than the results for the six month period as set out above. The accompanying notes form an integral part of this announcement. Unaudited Condensed Statement of Financial Position as at 31 August 2015 (unaudited) (unaudited) (audited) 31 Aug 31 Aug 28 Feb 2015 2014 2015 GBP'000 GBP'000 GBP'000 Fixed assets Investments 51,065 37,369 43,571 Current assets Debtors 174 465 243 Cash at bank and in hand 22,998 14,815 22,061 23,172 15,280 22,304 Creditors: amounts falling due within one year (607) (362) (632) Net current assets 22,565 14,918 21,672 Net assets 73,630 52,287 65,243 Capital and reserves Called up share capital 1,457 1,005 1,173
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Capital redemption reserve 1,115 1,091 1,105 Share premium account 25,445 763 10,089 Share capital to be issued - - 3,125 Special reserve 38,040 42,416 41,128 Capital reserve - realised 2,567 3,812 3,213 Revaluation reserve 5,306 3,506 5,737 Revenue reserve (300) (306) (327) Total equity shareholders' funds 73,630 52,287 65,243 Basic and diluted net asset value per share 81.8p 84.2p 85.7p The accompanying notes form an integral part of this announcement. Unaudited Condensed Statement of Changes in Equity Called Share up Capital Share capital For the six months ended 31 Aug 2015 share redemption premium to be Special Capital Revaluation Revenue (unaudited) capital reserve account issued reserve reserve - realised reserve reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 March 2015 1,173 1,105 10,089 3,125 41,128 3,213 5,737 (327) 65,243 Total comprehensive income - - - - - (646) (431) 250 (827) Shares issued 294 - 15,356 (3,125) - - - - 12,525 Share issue costs - - - - (585) - - - (585) Purchase of own shares (10) 10 - - (478) - - - (478) Dividends paid in the period - - - - (2,025) - - (223) (2,248) At 31 August 2015 1,457 1,115 25,445 - 38,040 2,567 5,306 (300) 73,630 Called Share up Capital Share capital For the six months ended 31 Aug 2014 share redemption premium to be Special Capital Revaluation Revenue (unaudited) capital reserve account issued reserve reserve - realised reserve reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 March 2014 1,014 1,080 674 - 43,283 4,312 3,585 (609) 53,339 Total comprehensive income - - - - - 136 209 303 648 Shares issued 2 - 89 - - - - - 91 Purchase of own shares (11) 11 - - (545) - - - (545) Dividends paid in the period - - - - - (1,246) - - (1,246) Transfer between reserves - - - - (322) 610 (288) - - At 31 August 2014 1,005 1,091 763 - 42,416 3,812 3,506 (306) 52,287 The special reserve, capital reserve - realised and revenue reserve are distributable reserves. The distributable reserves are reduced by losses of GBP3,145,000 (2014: GBP2,845,000) which are included in the revaluation reserve. Reserves available for distribution therefore amount to GBP37,162,000 (2014: GBP43,077,000). The accompanying notes form an integral part of this announcement. Unaudited Condensed Statement of Cash Flows for the six months ended 31 August 2015 (unaudited) (unaudited) (audited) Six months Six months Year ended ended ended 31 Aug 31 Aug 28 Feb 2015 2014 2015 Note GBP'000 GBP'000 GBP'000 Net cash (used in)/ generated from operating activities A (309) 2,204 (514) Cash flows from investing activities Purchase of investments (9,386) (10,601) (15,343) Disposal of investments 1,418 2,118 6,105 Net cash from investing activities (7,968) (8,483) (9,241) Cash flows from financing activities Proceeds from share issues 12,287 91 9,415 Share issue costs (585) - (142) Purchase of own shares (478) (557) (1,095) Share capital to be issued - - 3,125 Equity dividends paid (2,010) (1,246) (2,293) Net cash from financing activities 9,214 (1,712) 9,010 Increase/ (decrease) in cash and cash equivalents B 937 (7,991) (745) Notes to the cash flow statement: A Net cash (used in)/ generated from operating activities (Loss)/ return on ordinary activities before taxation (827) 648 3,051 Loss/ (gain) on investments 474 (748) (3,614) Foreign exchange movement - - 5 Decrease in debtors 69 2,365 6 (Decrease)/ increase in creditors (25) (61) 38 Net cash (used in)/ generated from operating activities (309) 2,204 (514) B Analysis of net funds Beginning of period /year 22,061 22,806 22,806 Net cash outflows 937 (7,991) (745) End of period / year 22,998 14,815 22,061 The accompanying notes form an integral part of this announcement. Notes to the half-yearly report for the six months ended 31 August 2015 1. Accounting policies Basis of preparation The Company has prepared its financial statements under Financial Reporting Standard 102 ("FRS102") and in accordance with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the "SORP"), which was revised in November 2014 by the Association of Investment Companies. This is the first period in which the financial statements have been prepared under FRS102, however, it has not been necessary to restate comparatives as the treatment previously applied aligns with the requirements of FRS102. As a result, there are no reconciling differences between the previous financial reporting framework and the current financial reporting framework and the comparative figures represent the position under both current and previous financial reporting frameworks. The following accounting policies have been applied consistently throughout the period. Further details of principal accounting policies will be disclosed in the Annual Report and Accounts for the year ended 29 February 2016. a) Presentation of Income Statement In accordance with the SORP, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The net revenue return attributable to equity shareholders is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in S274 of the Income Tax Act 2007. b) Investments Investments, including equity and loan stock, are designated as "fair value through profit or loss" assets due to investments being managed and performance evaluated on a fair value basis. A financial asset is designated within this category if it is both acquired and managed, with a view to selling after a period of time, in accordance with the Company's documented investment policy. The fair value of an investment upon acquisition is deemed to be cost. Thereafter investments are measured at fair value in accordance with International Private Equity and Venture Capital Valuation Guidelines ("IPEVCVG") issued in December 2012, together with FRS102. The valuation methodologies used by the Directors for assessing the fair value of unquoted investments are as follows: -- investments are usually retained at cost for twelve months following investment, except where a company's performance against plan is significantly below the expectations on which the investment was made in which case a provision against cost is made as appropriate; -- where a company is in the early stage of development it will normally continue to be held at cost as the best estimate of fair value, reviewed for impairment on the basis described above; -- where a company is well established after an appropriate period, the investment may be valued by applying a suitable earnings or
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revenue multiple to that company's maintainable earnings or revenue. The multiple used is based on comparable listed companies or a sector but discounted to reflect factors such as the different sizes of the comparable businesses, different growth rates and the lack of marketability of unquoted shares; -- where a value is indicated by a material arms-length transaction by a third party in the shares of the company, the valuation will normally be based on this, reviewed for impairment as appropriate; -- where alternative methods of valuation, such as net assets of the business or the discounted cash flows arising from the business are more appropriate, then such methods may be used; and -- where repayment of the equity is not probable, redemption premiums will be recognised. The methodology applied takes account of the nature, facts and circumstances of the individual investment and uses reasonable data, market inputs, assumptions and estimates in order to ascertain fair value. Methodologies are applied consistently from year to year except where a change results in a better estimate of fair value. Where an investee company has gone into receivership or liquidation, or the loss in value below cost is considered to be permanent, or there is little likelihood of a recovery from a company in administration, the loss on the investment, although not physically disposed of, is treated as being realised. All investee companies are held as part of an investment portfolio and measured at fair value. Therefore, it is not the policy for investee companies to be consolidated and any gains or losses arising from changes in fair value are included in the Unaudited Condensed Income Statement for the period as a capital item. 2. All revenue and capital items in the Unaudited Condensed Income Statement derive from continuing operations. 3. There are no other items of comprehensive income other than those disclosed in the Unaudited Condensed Income Statement. 4. The Company has only one operating segment as reported to the Board of Directors in their capacity as chief operating decision makers and derives its income from investments made in shares, securities and bank deposits. 5. The comparative figures are in respect of the year ended 28 February 2015 and the six month period ended 31 August 2014. 6. Basic and diluted return per share for the period has been calculated on 86,869,589 shares, being the weighted average number of shares in issue during the period. 7. Basic and diluted NAV per share for the period has been calculated on 90,010,829 shares, being the number of shares in issue at the period end. 8. Dividends (unaudited) (unaudited) (audited) Year Six months ended Six months ended ended 28 Feb 31 Aug 2015 31 Aug 2014 2015 Revenue Capital Total Revenue Capital Total Total Pence GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 2014 Final 2.0 - - - - 1,246 1,246 1,246 2015 First interim 2.0 - - - - - - 1,233 2015 Final 2.5 223 2,025 2,248 - - - - Total dividends paid 223 2,025 2,248 - 1,246 1,246 2,479 9. Contingent liabilities, guarantees and financial commitments The Company has no contingent liabilities, guarantees or financial commitments at 31 August 2015. 10. Called up share capital During the six months to 31 August 2015, 17,842,141 shares were issued with an aggregate nominal value of GBP288,816 pursuant to the offer for subscription dated 24 October 2014. The aggregate consideration for the shares was GBP15,412,412, which excluded share issue costs of GBP585,000. Under the terms of the Company's Dividend Reinvestment Scheme, the Company allotted 284,545 shares to subscribing shareholders on 31 July 2015. The aggregate consideration for the shares was GBP237,026. During the six months to 31 August 2015, the Company repurchased 590,860 shares for an aggregate consideration (net of costs) of GBP476,027 being an average price of 80.6p per share and which represented 0.8% of the Company's issued share capital at the start of the year. These shares were subsequently cancelled. Costs relating to the share repurchases amount to GBP2,000. 11. Financial instruments Investments are valued at fair value as determined using the measurement policies described in note 1. The Company has categorised its financial instruments that are measured subsequent to initial recognition at fair value, using the fair value hierarchy as follows: Level a Reflects financial instruments quoted in an active market. Level b Reflects financial instruments that have been valued based on prices of recent transactions for identical instruments. Level c (i) Reflects financial instruments that have been valued using valuation techniques with observable inputs. Level c (ii) Reflects financial instruments that have been valued using valuation techniques with unobservable inputs. (unaudited) (audited) 31 Aug 2015 28 Feb 2015 Level a Level b Level c Total Level a Level b Level c Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 AIM quoted 3,232 - - 3,232 2,827 - - 2,827 Loan notes - - 20,747 20,747 - - 17,051 17,051 Unquoted equity - - 23,896 23,896 - - 20,471 20,471 Preference shares - - 3,190 3,190 - - 3,222 3,222 Total 3,232 - 47,833 51,065 2,827 - 40,744 43,571 All financial instruments included within the Level c column have been categorised as Level c (ii) financial instruments and have been valued using valuation techniques with unobservable inputs. 12. Controlling party and related party transactions In the opinion of the Directors there is no immediate or ultimate controlling party. Malcolm Moss, a Director of the Company, is also a Partner of Beringea LLP. Beringea LLP was the Company's investment manager during the period. During the six months ended 31 August 2015, GBP799,000 was payable to Beringea LLP in respect of these services. At the period end the Company owed Beringea LLP GBP365,000. Beringea LLP also acted as promoter for the share offers during the period. The fees in the period amount to GBP585,000 out of which it paid the costs of the offer including initial commissions. At the period end, the Company owed Beringea LLP GBPnil in respect of these services. Beringea LLP was appointed the Company's Administration Manager on 13 January 2015. In the six month period, administration fees payable to Beringea LLP amounted to GBP8,400, of which GBP8,400 was outstanding at the period end. During the six months to 31 August 2015, an amount of GBP52,500 was payable to the Directors of the Company. No amount was outstanding at the period end. 13. The unaudited financial statements set out herein have not been subject to review by the auditor and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. They have therefore not been delivered to the Registrar of Companies. The figures for the year ended 28 February 2015 have been extracted from the financial statements for that period, which have been delivered to the Registrar of Companies; the Auditor's report on those financial statements was unmodified. 14. The Directors confirm that, to the best of their knowledge, the half-yearly financial statements have been prepared in accordance with Financial Reporting Standard 104 ("FRS104") issued by the Financial Reporting Council and the half-yearly financial report includes a fair review of the information required by: a. DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and b. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so. 15. Risk and uncertainties Under the Disclosure and Transparency Directive, the Board is required in the Company's half-yearly results, to report on the principal risks and uncertainties facing the Company over the remainder of the financial year. The Board has concluded that the key risks facing the Company over the remainder of the financial year are as follows: (i) investment risk associated with investing in small and immature businesses; (ii) investment risk arising from volatile stock market conditions and
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